KEK INSURANCE Group, one of the Ghana’s largest insurance broking and consulting firms, has held its fifth anniversary and public lecture in memory of the late founder, Kwesi Essel-Koomson, in Accra.
The late Mr Essel-Koomson passed away on April 29, 2010.
He was celebrated for his positive impact towards the insurance industry as well as his hard work and contribution to the lives of young ones; for which he established Mother Theresa Girls’ School.
He served on a number of associations and boards, including National President of the Old Vandals Association (OVA) of the Commonwealth Hall, Board Member of the Senya Secondary School, Chairman of the Union Rural Bank and Vice President for the African Insurance Brokers Association (AIBA).
He was also a board member of the Ghana Reinsurance Company from 2004 to 2005.
On the double occasion, Commissioner of Insurance, Lydia Lariba Bawa, gave a lecture in memory of the late KEK boss on the theme: ‘No Premium, No Cover, The Journey So Far’.
Speaking on the rationale for the implementation of the No Premium No Cover (NPNC), she said the Ghana insurance market was saddled with a lot of challenges, some of which were as a result of the huge levels of premium debts on the books of insurance companies.
According to her, it is one of the bold initiatives by the NIC to roll out the policy unto the Ghanaian market and thus position the industry for stability, safety, and financial soundness.
Ms Bawa said the NPNC directives have helped the industry to improve liquidity, customer service, reduce fraud, improve validity of reported premium income and led to cleaner balance sheets.
‘There is no doubt that the policy has come to stay, the NIC will not relent on its effort in seeing to the successful enforcement of the directive to address the liquidity, solvency and claims payment of insurers,’ she noted.
The Commissioner of Insurance urged insurance broking companies to learn from the KEK story and structure their companies in a way that allows the companies to live beyond their founders.
KEK Insurance Group was established in the year 1985 and became the leading broker in the country two years after.
The Group, guided by the portrayal of hard work, professional standards and discipline seeks to fulfill the vision of maintaining high professional and ethical standards and positive growth.
By Angela Dzidzornu
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